Bob's annual income is $70,000. In the county where Bob is looking to buy a house, property
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Bob's annual income is $70,000. In the county where Bob is looking to buy a house, property insurance is 0.5% of house value per year and property tax is 1.5% of house value per year. Bob is likely to be able to secure a fully amortized mortgage with LTV of 85, term of 15 years, annual interest rate of 6% interest, and monthly payments. Bob's other debt, e.g., credit cards, student loans, takes $500 off of his monthly paycheck. What is the house price that Bob is qualified for via the back ratio of 36%?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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